Evercore ISI Cuts Lineage (NASDAQ:LINE) Price Target to $38.00

Lineage (NASDAQ:LINE) had its price target reduced by equities research analysts at Evercore ISI from $44.00 to $38.00 in a research report issued to clients and investors on Monday,Benzinga reports. The firm currently has an “in-line” rating on the stock. Evercore ISI’s target price suggests a potential upside of 12.39% from the stock’s previous close.

A number of other brokerages have also recently weighed in on LINE. Morgan Stanley dropped their price objective on Lineage from $50.00 to $46.00 and set an “equal weight” rating for the company in a research note on Monday, September 22nd. Bank of America restated an “underperform” rating and issued a $42.00 price objective (down previously from $47.00) on shares of Lineage in a report on Monday, August 11th. Robert W. Baird dropped their price target on shares of Lineage from $64.00 to $51.00 and set an “outperform” rating for the company in a research note on Wednesday, August 13th. Wells Fargo & Company decreased their target price on Lineage from $48.00 to $43.00 and set an “equal weight” rating for the company in a report on Wednesday, August 27th. Finally, Zacks Research downgraded Lineage from a “hold” rating to a “strong sell” rating in a report on Monday, September 29th. Five equities research analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and six have assigned a Sell rating to the stock. According to data from MarketBeat, Lineage currently has a consensus rating of “Reduce” and an average target price of $47.00.

Lineage Price Performance

LINE stock traded down $0.81 during trading on Monday, hitting $33.81. The stock had a trading volume of 169,070 shares, compared to its average volume of 1,062,723. The company has a debt-to-equity ratio of 0.76, a current ratio of 0.99 and a quick ratio of 0.86. Lineage has a twelve month low of $33.30 and a twelve month high of $68.81. The stock has a market capitalization of $7.73 billion, a P/E ratio of -42.56 and a beta of -0.20. The company’s 50-day moving average price is $40.00 and its two-hundred day moving average price is $42.70.

Lineage (NASDAQ:LINE) last announced its quarterly earnings data on Wednesday, November 5th. The company reported $0.85 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.78 by $0.07. The firm had revenue of $1.38 billion during the quarter, compared to analyst estimates of $1.37 billion. Lineage had a negative net margin of 3.30% and a negative return on equity of 1.85%. Lineage’s quarterly revenue was up 3.1% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.90 earnings per share. As a group, research analysts predict that Lineage will post 2.34 EPS for the current fiscal year.

Insider Activity

In related news, Chairman Kevin Patrick Marchetti purchased 12,345 shares of the company’s stock in a transaction that occurred on Tuesday, August 19th. The stock was purchased at an average price of $40.44 per share, with a total value of $499,231.80. Following the completion of the transaction, the chairman owned 74,668 shares of the company’s stock, valued at approximately $3,019,573.92. This trade represents a 19.81% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 71.90% of the company’s stock.

Hedge Funds Weigh In On Lineage

Several institutional investors have recently modified their holdings of the company. Jones Financial Companies Lllp increased its holdings in shares of Lineage by 82.2% during the third quarter. Jones Financial Companies Lllp now owns 665 shares of the company’s stock worth $25,000 after buying an additional 300 shares in the last quarter. EverSource Wealth Advisors LLC increased its stake in shares of Lineage by 172.4% in the second quarter. EverSource Wealth Advisors LLC now owns 572 shares of the company’s stock valued at $25,000 after buying an additional 362 shares in the last quarter. Signaturefd LLC grew its holdings in Lineage by 132.3% during the 2nd quarter. Signaturefd LLC now owns 648 shares of the company’s stock worth $28,000 after acquiring an additional 369 shares during the last quarter. Costello Asset Management INC bought a new position in shares of Lineage in the first quarter worth about $29,000. Finally, Allworth Financial LP raised its stake in shares of Lineage by 426.4% in the second quarter. Allworth Financial LP now owns 758 shares of the company’s stock worth $33,000 after acquiring an additional 614 shares during the last quarter.

About Lineage

Lineage, Inc is the world’s largest global temperature-controlled warehouse REIT with a network of over 480 strategically located facilities totaling over 84.1 million square feet and 3.0 billion cubic feet of capacity across countries in North America, Europe, and Asia-Pacific. Coupling end-to-end supply chain solutions and technology, Lineage partners with some of the world’s largest food and beverage producers, retailers, and distributors to help increase distribution efficiency, advance sustainability, minimize supply chain waste, and, most importantly, feed the world.